big think how to build a successful business

BUSINESS OWNER BRIEFINGS 2009.1

bigthinkresults.com Copyright © 2009, Big Think, Inc. of 6

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How to Build a Successful

Business

A proven process of building businesses from idea to

profits.

Millions of people have ideas. Many fewer act on those

ideas to create businesses. Only a small portion of them

create real, sustainable businesses that can grow to meet

business owners’s goals of success. This brief documents

a process for growing your business effectively.

BUILDING YOUR COMPANY


Big Think Business Growth Process

Tired of working hard without much result? Use this process to assure you

covered the basics before trying to build the rest of your business.

USE THE BIG THINK BUSINESS

FRAMEWORK

QUADRANT 1: LEADERSHIP/STRATEGY

This is where the vision of the business comes from. From

there, leaders develop the strategy to differentiate the

business from competitors, identify markets, product lines,

and the overall culture and personality of the company.

QUADRANT 2: CORPORATE SERVICES

Corporate services are those activities that support the vision,

mission, and strategy of the business and that support the

sales, marketing, and fulfillment functions (sales and

operations). This usually includes HR, IT, accounting,

finance, procurement, business development, and more.

QUADRANT 3: FULFILLMENT

Fulfillment is the production capacity of the business. In a

service business, it is the ability to deliver services. In a

product company, it is activities that source, produce, and

deliver the goods.

QUADRANT 4: SALES AND MARKETING

Sales and Marketing focus on getting money in the door. This

part of the business generates leads, qualifies leads, converts

leads into clients, and then hands off clients to fulfillment.

Many organizations use this area to maintain relationships

with clients for future sales.

The Big Think Business Framework Diagram.

Leadership/Strategy Sales and Marketing

Corp. Services Fulfillment

Your

Business

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Following is the Big Think Framework with the recommended

growth process steps. This is not meant as a comprehensive

framework, but illustrative to show the general “chunks” of

the business to focus on in a given growth stage.




WHAT IS STRATEGY?

Strategy is a three-part deal:

1. Creating a vision/direction for the business

2. Identifying specific plans to achieve

3. A decision framework

A vision must be communicated effectively to the rest of your

company (even if that’s just you). The best way to

communicate your intent is by creating plans that lead to the

vision being accomplished.

BEGIN WITH THE END IN M IND

When Big Think starts to work with a client, the first thing we

do is determine what the business owner wants from the

business. From there, we know the parameters for decision

making. It could be that the goals for the business are just a

modest income. Or a massive income. Or free time, or

freedom, or a better home life.

How will you achieve your goals? What is your strategy?

WHAT DO YOU WANT FROM YOUR

BUSINESS?

Only you can answer that question. Here are some things to

think about, and the most common reasons people start

businesses. Check the ones that apply to you, then write in the

level of importance from 1 to 5.

What I want from my business:

__ Moderate Income

__ Massive Income

__ Freedom from a Boss

__ Free Time to Live Life

__ A Creative Outlet for My Ideas

__ Impact my Community

__ Impact the World

__ Have Fun

__ Other:________________________

__ Other:________________________

You are here

Your Goal




IDENTIFY A DEFINITE GOAL

You may want to keep your business the same, or grow it to

$10 million. Money is the easiest part of your business to

track. It’s the other aspects of your business that will take

more time to assess. How is your culture? Do you have the

free time and flexibility you want? Do you have a satisfying

life?

These are questions that you should ask now and then to

assure you’re on the right track.

Setting a definite goal and defining success for yourself is

what will help you get where you want to be. Using a formula

like the following may help you:

By (month/year), (business name) will achieve ($X) in

revenues, with (x%) profit. To do this, (company) will offer

(products/services) to the (target market) market and will

be known for (whatever you want to be known for).

Example:

By January 1, 2015, ServiceAction will achieve $5 million in

revenues, with 15% net profit. To do this, ServiceAction will

offer custom home cleaning services to Triangle area

homeowners in upper-end communities and will be known

for attention to detail, prompt service, and friendly staff. We

will always operate with integrity, and I, as the business

owner, will be able to work only 10 hours per week in the

business, with operations being handled by professional

management.

In the preceding example, we are able to measure many of the

factors in the goals statement. Once we have identified the

goal, we can establish a simple tracking system that we revisit

monthly. If we find the company is getting off track, we can

do something quickly to reset the direction.

Once we have the goal statement set, we can begin

considering our strategic options for getting to the goal.

MY GOALS

By Date: _______________________________

Revenue Target: $ ________________________

Profitability Target: _______ %

What We Offer: _____________________________

_______________________________________

Market We Serve: ___________________________

_______________________________________

Will Be Known for: __________________________

_______________________________________

_______________________________________

My Outcomes: _____________________________

_______________________________________




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